FIXED ASSET

Internal Conrtrol

 Transaction Authorization
1. Who approves/prepares the requisition, budget, disposal sheet, maintenance & repair request
and canvass procedure?

2. What are the needed documents needed to support the requests?

 Seperation of duties

1. Is your requisting person different from the one who prepares the canvassing and purchasing
process?

2. Do you have the AP, fixed assets control, journal, general and subsidiary ledger?

 Supervision
1. Do you have a personnel who always supervise the transactions going on inside the entity?

2. What do you do to insure that transactions are properly recorded?

3. In receiving of fixed assets, what are the necessary documents needed to prepare or to
confirm that the

 Accounting Record
1. AP SUB LEDGER
2. URCHASE JOURNAL
3. GEN LEDGER
4. FIXED ASSETS SUBSIDIARY LEDGER
5. VALID VENDOR MASTER FILE
6. AP OPEN AND CLOSED FILE
7. JOURNAL VOUCHER FILE
8. RECEIVING REPORT FILE
9. VOUCHER REGISTER
10. PO OPEN AND CLOSED FILE
 11. SUPPLIER PRICE LIST REFERENCE FILE
12. WITHHOLDING TAXES REFERENCE FILE
13. DEPRECIATION SCHEDULE OR FIXED ASSETS LAPSING SCHED
14. DISPOSAL REPORT
15. REPAIRS AND MAINTENANCE REPORT

 Accounting documents
1. PURCHASE ORDER
2. PURCHASE REQUISITION SLIOP
3. RECEIVING REPORT
4. PO BLIND COPY
5. PACKING SLIP
6. JOURNAL VOUCHER FOR GL
7. DISPOSAL REQUEST
8. REPAIR AND MAINTENANCE REQUEST

Access control

1. What are the thing u did for the safe keeping og your accounting records as well as your fixed
assets?

Independent Verification

1. do you do any verification or file reconcilations to match your doc files like, Ap reconciles with
PR, PO, RR, SI before recording payable